EGL to cut 350 jobs in U.S., Europe

EGL to cut 350 jobs in U.S., Europe    Houston-based forwarder EGL said Tuesday it will cut about 350 jobs in the United States and Europe to improve the results of its activities in those locations.
   The company will incur an exceptional pre-tax charge of about $2 million due to the planned job cuts.
   “We are taking steps to improve the financial performance of our European and certain U.S. locations by making work force reductions of approximately 350 staff at business units which are not meeting our expectations,” said James R. Crane, chairman and chief executive officer of EGL. “Business units that continue to experience growth will add staff to appropriately support our customers.”
   The company expects second quarter gross revenue to be 17-20 percent above the second quarter of last year. In 2004, the company’s revenues exceeded $2.7 billion.
   EGL is listed on the Nasdaq stock exchange.